3 big tips to help increase your chances of getting your offer accepted, from an open house.

The housing market right now.. wow.. the prices are just going up and up.

It has never been harder to get an offer accepted for purchase, even with a Pre-Approval in place.

We are seeing houses go for upwards of $100,000 over asking price!

Here are 3 big tips from a Mortgage Broker, to help increase your chances of getting your offer accepted, from an open house.

1. Have a Pre-Approval in place.

In this current market, a Pre-Approval shows intent to buy. Most opens receive multiple offers. Having a Pre-Approval helps the Real Estate Agents know whom is serious about buying the property. It also helps saves everyone time.

Imagine if you find the perfect house, and make the same price offer to someone else, but they have finance approved and you don't. This is what would happen, the Agent will know that the other offer can get funds through quicker, because they are already two thirds of the steps there to getting the bank to fund the purchase. If you are starting fresh with a finance application, this can take several weeks, plus add delays to Settlement. If your offer is accepted and finance has not yet been organised, it will take much longer to begin the finance application process, compared to someone who already has a preapproval.

2. Have your Mortgage Broker contact the Real estate Agent, after you make an offer.

If you have a Broker, please ask them to do this. With each clients permission, I personally call the Agent to let them know where we are along the finance journey. If we have a Pre-Approval in place, I will share this with the Agent. This tip is something I started doing and was so surprised that most Brokers do not do this. I have had multiple Agents appreciate this call, as it helps to keep them informed of any clients that are serious about buying the property.

3. Work with a Mortgage Broker that cares.

Pre-Approvals with most lenders only last 3 months. When a Pre-Approval is due to expire, it is imperative to begin the process of getting another Pre-Approval. If you wait until the Pre-Approval expires to lodge a new one, this will cause delays due to the assessment period a bank, or credit union, needs to assess your file. As a team of top finance brokers, we keep track of your files, when the Pre-Approval is due to expire. It is our job as Mortgage Brokers to keep on top of important dates, such as this.

If you are thinking of buying a property, and would like to explore options for a Pre-Approval, scroll below to speak with our team.